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Shell sells off all its New Zealand assets

OMV, based in Vienna, has paid $578 millionDIETER NAGL/AFP/GETTY IMAGES

Royal Dutch Shell ended its business in New Zealand after 100 years when the energy company agreed to sell all of its interests in the country to OMV, which is based in Vienna, for $578 million.

The deal follows a two-year strategic review of Shell’s activities in New Zealand and the sale of the group’s interest in Kapuni in 2017. It is also part of Shell’s strategy to divest itself of $30 billion of assets by the end of the year.

The agreement includes the sale of the Maui and Pohokura fields, which produce 70 per cent of New Zealand’s gas, as well as the Taranaki Tank farms.

Shell has also entered into an agreement with OMV to sell its interest in the Great South…

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